99dresses

99dresses

99dresses was a virtual closet that allowed users to trade fashion items with other users.

  eCommerce
  2010 – 2014
  Sydney, Australia
  Founded by Nikki Durkin
  Raised $105,650 in 2 rounds
  Backed by 4 investors

Reasons for Failure

Final pivot created a lack of product-market fit, the number of transactions within the service plummeted.

The company’s business model was based on a percentage of the transaction cost. Their transactions decreased in price and 99dresses’ revenue took a hit.

Lost momentum due to technology issues.

The team has Visa issues that got in the way of smooth operations between the United States and Australia.

Issues with talent acquisition, some in retention in relation to Visa difficulties.

Competitors

renttherunway

thredUP

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